AMI Asset Management Corp lowered its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 1.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 92,895 shares of the biotechnology company’s stock after selling 1,668 shares during the period. Biogen comprises approximately 1.8% of AMI Asset Management Corp’s holdings, making the stock its 22nd largest position. AMI Asset Management Corp’s holdings in Biogen were worth $25,208,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Pathstone Family Office LLC purchased a new stake in Biogen during the first quarter valued at approximately $102,000. Prentiss Smith & Co. Inc. increased its stake in shares of Biogen by 14.9% in the second quarter. Prentiss Smith & Co. Inc. now owns 385 shares of the biotechnology company’s stock valued at $104,000 after buying an additional 50 shares during the period. Crestwood Advisors Group LLC bought a new stake in shares of Biogen during the first quarter valued at about $106,000. Independent Portfolio Consultants Inc. increased its stake in shares of Biogen by 93.2% in the second quarter. Independent Portfolio Consultants Inc. now owns 454 shares of the biotechnology company’s stock valued at $123,000 after buying an additional 219 shares during the period. Finally, Winfield Associates Inc. increased its stake in shares of Biogen by 16.8% in the first quarter. Winfield Associates Inc. now owns 467 shares of the biotechnology company’s stock valued at $128,000 after buying an additional 67 shares during the period. Hedge funds and other institutional investors own 88.38% of the company’s stock.
Biogen Inc. (BIIB) traded down 0.93% during midday trading on Friday, hitting $281.77. The company had a trading volume of 814,072 shares. The firm has a market capitalization of $59.57 billion, a P/E ratio of 18.49 and a beta of 0.79. The company has a 50 day moving average price of $283.10 and a 200 day moving average price of $274.37. Biogen Inc. has a 1-year low of $244.28 and a 1-year high of $329.83.
Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.36 by $0.68. Biogen had a net margin of 28.10% and a return on equity of 37.42%. The firm had revenue of $3.08 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same period last year, the company posted $5.21 EPS. Biogen’s quarterly revenue was up 6.4% compared to the same quarter last year. Equities research analysts forecast that Biogen Inc. will post $21.44 earnings per share for the current fiscal year.
Several equities research analysts recently issued reports on the company. Vetr upgraded Biogen from a “buy” rating to a “strong-buy” rating and set a $319.53 price target for the company in a report on Thursday. Goldman Sachs Group, Inc. (The) upgraded Biogen from a “buy” rating to a “conviction-buy” rating and set a $338.00 price target for the company in a report on Wednesday. BidaskClub upgraded Biogen from a “hold” rating to a “buy” rating in a report on Friday, August 4th. Cowen and Company reiterated a “buy” rating on shares of Biogen in a report on Thursday, July 27th. Finally, BMO Capital Markets restated a “market perform” rating and issued a $328.00 price objective (up previously from $317.00) on shares of Biogen in a research note on Wednesday, July 26th. Eleven investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. Biogen presently has a consensus rating of “Buy” and an average price target of $328.81.
In other Biogen news, EVP Susan H. Alexander sold 7,758 shares of the firm’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $285.00, for a total value of $2,211,030.00. Following the transaction, the executive vice president now directly owns 27,232 shares of the company’s stock, valued at approximately $7,761,120. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Susan H. Alexander sold 4,974 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $290.01, for a total transaction of $1,442,509.74. Following the completion of the transaction, the executive vice president now directly owns 22,258 shares in the company, valued at $6,455,042.58. The disclosure for this sale can be found here. Insiders sold a total of 13,816 shares of company stock worth $3,931,380 over the last three months. Corporate insiders own 0.32% of the company’s stock.
About Biogen
Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).
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